Havaianas Flip-Flop Company Sold For More Than $1 Billion

The hugely popular Brazilian flip-flop brand Havaianas is reportedly being sold for £844 million (which is the equivalent of nearly $1.1 billion) to help pay off debts related to a fine connected to a corruption scandal.

Business Insider reports that J&F Investimentos, run by Brazil's Batista family, is the owner of the brand and sold its earnings to three different banking groups in the country. The decision to sell the company comes on the heels of legal trouble for brothers Joesley and Wesley Batista, who confessed to bribing thousands of politicians in exchange for government loans. The scandal resulted in a multi-billion dollar fine for the family.

Havaianas flip-flops have been around since 1962, but gained popularity in the U.S. in the 2000s, thanks, in part to celebrities like Miley Cyrus and Jennifer Anniston who have been seen sporting the iconic footwear. The shoes are known for their bright colors and rubber soles, and come in a huge variety of shades and patterns, as well as an option to customize and make your own.